Polkadot (DOT) and Kusama (KSM) rose in tandem on June 3 as traders assessed a venture capital firm’s major investment into their blockchain ecosystems.
Dubbed as Master Ventures, an Asian blockchain incubator and venture capitalist announced that it had launched a $30 million venture capital fund called Master Ventures Polkadot VC Fund. In a press release published Wednesday, the firm said that its fund would “support and finance the Parachain bids” of tier-1 blockchain projects that want to win a Parachain slot on the Polkadot Relay Chain.
Master Ventures also noted that its proceeds would also assist early-stage projects in launching atop the Polkadot and Kusama ecosystems.
Traders took the announcement as their cue to raise their bids on DOT and KSM pairs. Their sudden interest allowed the DOT/USD exchange rate to rise by up to 27.91% to $29.21 from its Wednesday opening rate. Meanwhile, Kusama’s KSM/USD climbed 39.35% to $511.91 in the same period.
Twin rallies in Polkadot and Kusama markets. Source: TradingView